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TIME Posts a Record 34% Revenue Growth [Business]

TIME dotCom Bhd posted a record RM419.1 million in revenue for its financial year ending 31 December 2012, a 34% increase from RM313.9 million recorded in the same period a year ago, driven by new revenue streams contributed by regional bandwidth sales, data centre, and continuous growth of its domestic fixed-line business.

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On a comparable basis, operating profits year on year rose 57% to RM76.8 million. Profit before tax, after taking into account investment income, for the financial year ended 31 December 2012 jumped 32% to RM157 million.

Over the course of 2012, TIME registered double-digit growth across all of its market segments, accounting for its record profits. For the full financial year, revenue from TIME’s Enterprise segment grew by 40%, while its Wholesale segment expanded by 31%. In its Consumer and SME segment, revenue grew by 10%.

With the completion of their acquisitions on 17 May 2012, AIMS and Global Transit Group of Companies contributed 16% of the Group’s revenue for the financial year.

“Even though our shift towards the regional bandwidth market started only in May last year, our results have shown that this is the right move”, said Afzal Abdul Rahim, TIME’s Chief Executive Officer.

“ASEAN bandwidth needs are only moving in one direction; upwards. This is only the first step for us to tap into the growth potential that ASEAN has to offer”, Afzal continued.

TIME’s fourth-quarter revenue soared 46% to RM121.8 million from RM83.2 million in the same period a year ago, driven by contributions from its new revenue streams of regional bandwidth sales and data centre business. This was further pushed by strong contributions from its domestic business.

Pre-tax profit for the quarter doubled to RM51.5 million due to contributions from its regional acquisitions and better dividend income.

Serving customers from 34 countries today, the Group said it would continue to make headway in the regional market and leverage on the growth of AIMS and the Global Transit Group of Companies, whose earnings will be fully taken up in 2013. In addition to organic growth, TIME will seek out new growth opportunities with an emphasis on regional wholesale bandwidth, international submarine cable systems and data centre markets.

In the domestic market, TIME plans to expand its network coverage to coincide with strong demands for higher broadband speeds and enterprise-grade connectivity. TIME will also focus on the wholesale markets, with the expected LTE network rollout by mobile operators in 2013.

About Kugan

Kugan is the founder of MalaysianWireless. He has been observing the mobile industry since 2003. Connect with him on Twitter: @scamboy